BrokeripTV : Jay Vicci from Rocky mountain valuation calls Admas county and brighton our new forclosure belt We are taking with Jay Vicci today from Rocky mountain valuation, Jay has been an appraiser for 18 years as trained appraiser. Jay the topic what adds value to your home, what doesn’t. Let’s start off because every home owner wants to know what can they do to add value to their home. Give me your top three suggestions.
BrokeripTV : Really?
Jay Vicci: It’s too much volume for people to want to buy house and fix it up. Do not leave anything undone.
Displayed Question: WHAT SHOULDN’T I DO TO MY HOME WHEN SELLING?
BrokeripTV : What doesn’t add value? What is just pennies on the dollar?
Jay Vicci: Anything that only appears to a very small market segment. Building cappuccino maker [phonetic] I mean that can it I mean very specialized items said like that are going to give you, you need the broad market appeal in this market there is too much inventory out there.
Display Question: WHAT SHOULDN’T I DO TO MY HOME WHEN SELLING?
BrokeripTV : Give me a surprising statistics from 2007 that most people in the real estate industry would not expect?
Jay Vicci: I just pick this up today and I was little bit shocked by the end of 2007 there are another 2 million adjustable marketers, there you can know just outside a people’s budget.
BrokeripTV : Wow.
Jay Vicci: That’s going to be bad.
Displayed Question: WHAT SHOULDN’T I DO TO MY HOME WHEN SELLING?
BrokeripTV : Now
Jay Vicci: We are top 5 for sure.
BrokeripTV : We are Top 5.
Jay Vicci: For sure.
BrokeripTV : And is there a particular area that’s getting hit the worst. I am hearing
Jay Vicci: Adams county the north east corner of that metro area, Brighten and Henderson,
BrokeripTV : And is this because the people in these positions guardian to the adjustable just a time above?
Jay Vicci: Absolutely they buy it on an adjustable rate, mortgages, and could barely qualify for the teaser rate or the lowest on the lowest payment that they first started with and as soon as they have adjusted they are out their budget. They couldn’t afford that. They were banking on it appreciating and then we were financing out within two years before the loan adjusted.
Display Question: WHAT AREA OF
BrokeripTV : I read your crystal ball here and for 2008 where is the hot area going to be?
Jay Vicci: I think the area I said earlier that older brick homes and town that seem to holding that seem to very popular, their established neighborhoods and presumes in appeal they are in their holding well.
BrokeripTV : What type of appreciation do you think a home owner can expect on into 2008 because it’s been all over the board?
Jay Vicci: Minus 10.
BrokeripTV : Really.
Jay Vicci: I don’t think appreciation is the word we are going to be using.
BrokeripTV : Really.
Jay Vicci: I think with the fall out from the art, the adjusted right mortgage is coming down the pipe and where the economy is right now. I don’t think appreciations even going to be a word we can use.
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